$10 billion investment deals signed at Arab-China Conference
Asia-Pacific, Middle East, News June 13, 2023 No Comments on $10 billion investment deals signed at Arab-China ConferenceThe first day of the 10th Arab-China Conference in Riyadh saw the signing of 30 contracts worth more than $10 billion. The business deals were spread across a wide range of sectors including technology, renewable energy, agriculture, real estate tourism, and minerals.
Several notable business-to-business interactions happened during the high-level event that was arranged in Riyadh on June 11, 2023. According to the Investment Ministry of the Kingdom of Saudi Arabia, several Saudi and Chinese companies signed business deals to enhance joint investments and cooperation.
Saudi Energy Minister Prince Abdulaziz bin Salman said that “I would not be surprised if you will hear more announcements soon on Saudi-Chinese investment.”
A $5.6 billion worth contract was signed between the Kingdom’s Investment Ministry and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars under the HiPhi brand. The two entities would jointly establish a venture in the Kingdom for automotive research, development, manufacturing, and sales.
The financial sector plays a vital role in powering Arab-China business growth. Our panel “Financial Sector Powering Arab China Business Growth” explored the opportunities and challenges in the financial sector, focusing on how financial institutions can facilitate trade,… pic.twitter.com/mb5JchF7he
— Arab China Business Conference (@ArabChinaConf) June 12, 2023
Saudi Arabia’s Amar Al-Oula Group and Hong Kong-based Zhonghuan International Group signed a $533 million deal to set up an iron ore processing plant and produce iron pellets for smelters in Saudi Arabia. Saudi Arabia’s ASK Group also signed a $500 million worth of business deal with China National Geological and Mining Corporation. The two companies will jointly build and operate a copper mining project in the Arabian Peninsula.
The two-day business event was organized by Saudi Arabia’s investment and foreign ministries in collaboration with the General Secretary of the Arab League and the Chinese Council for the Promotion of International Trade. The event attracted more than 3,500 business leaders, innovators, and policymakers from 26 different countries.
The volume of trade between Saudi Arabia and China hit $106 billion in 2022, registering a 30% increase from the previous year. Saudi Foreign Minister Prince Faisal bin Farhan, who inaugurated the conference on behalf of Crown Prince Mohammed bin Salman, said that “The crown prince has continually amplified efforts to enhance the long-standing and advanced partnership between the Arab world and China in all sectors.”
Saudi Arabia’s Investment Minister Khalid Al-Falih said that his country can serve as the gateway for China to the Arab world. Representatives from the two countries made several references to the revival of the Silk Route on the sidelines of the event. Al-Falih said the initiative aligns with Saudi Arabia’s future vision that seeks to diversify its economy and use modern technology to elevate the skills of its youth.
The second day of the event was filled with several important speeches, including one from Dilma Rousseff, former president of Brazil and current president of the New Development Bank, a multilateral development bank established by the BRICS (Brazil, Russia, India, China, and South Africa)
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